Asia Pacific Fund, a European private equity firm, agreed to acquire Pennington Fund, a fund manager. Financial terms were not disclosed. "The pending acquisition of Pennington Fund reflects our steadfast commitment to expand our global market share. This merger qualifies as a 'pre-approved' merger under securities regulations because it does not involve any substantive changes in investment objectives or strategies for existing members of Pennington Fund. Asia Pacific Fund will have the same fee structure as the former Pennington Fund, and the acquisition will occur on a tax-deferred basis," Alexey Ivanovich, Asia Pacific Fund General Counsel.